Paul Naumoff

Scott Kupperman

Founder, Kupperman Location Solutions

Stephen Gray

CEO, Gray Construction

Pharmaceutical Firm Expanding to North Carolina

Area Development News Desk

07/07/2008

Galexe Pharma Sciences, a subsidiary of Virginia-based Excela PharmSci Inc., will open a new pharmaceutical manufacturing facility in Lenoir, North Carolina. The company will invest $8.6 million over the next three years and create 55 jobs at an average annual salary of $55,455 per year. "Upon careful consideration of competing locations within the U.S. as well as Hyderabad, India, we chose North Carolina," says Phanesh Koneru, president and CEO of Galexe. "The affordable cost of living and the various grants and incentives added up to an overall lower cost of doing business. Availability of local talent pool, close proximity to several equipment vendors, and milder year-round weather are additional factors." The company will receive at least $250,000 in grant funds from state and local economic development agencies.